Museveni has turned Uganda into a sad story
1986, the year Museveni became president of Uganda, coincided with an announcement from Ghana that “IMF fails to redeem”. Since 1983 Rawlings had used force to implement stabilization and structural adjustment program. In the end the experiment failed – badly. In 1986, the minister of finance publicly admitted that Ghana’s economy was in deep crisis – the ‘economic success story’ had been a hoax. There were complaints that there was something inherently wrong with international financial institutions’ (IFI) diagnosis of Africa’s challenges and the medicine they prescribed. Rawlings was accused of sowing in the wind by ignoring advice of his Ghanaian advisers in preference for IFIs – IMF and the World Bank (Africa Concord September 18, 1986). Although donors’ had poured vast amounts of money into Ghana the experiment did not work. Finally Rawlings too announced that he had been unimpressed and had had enough of IFI policies (Peter Anyang’Nyong’o 1992). Ghana quietly dropped off the World Bank/IMF list of high performers and was replaced by Uganda (Paul Nugent 2004).